Caribou Coffee, based in Minneapolis, said on Monday that they would be closing 80 of their underperforming stores and converting another 88 stores to Peet’s Coffee & Tea sites. They want to be in a better position for long-term growth. These conversions will take place over the next year to year and a half in Washington DC, Ohio, Michigan, Pennsylvania, Maryland, Georgia, Illinois and Wisconsin.
This will leave 468 locations in Minnesota, North Dakota, Western Wisconsin, Iowa, Kansas, North Carolina, Colorado and 10 international markets. Both Caribou Coffee and Peet’s Coffee and Tea are owned by Joh. A. Benckiser (JAB).